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CMA CGM signs US$1 billion agreement with China

PRESS RELEASE

July 01, 2015: During the official visit of Chinese prime minister Li Kepiang to CMA CGM Group headquarters, the company signed a financing framework agreement with the Chinese bank CEXIM and a strategic partnership with China Merchants (CMHI) on the "One Belt, One Road" project initiated by the Chinese government.

CMA CGM and the Export-Import Bank of China (CEXIM) have signed a framework agreement on financing solutions for a total of up to US$1 billion in the form of loans and/or export credit insurance. Those solutions would be available for the future vessels and containers the group may order in China. Those investments are essential to accompany the CMA CGM Group's development strategy.

Historically, The CMA CGM Group has been ordering most of its containers from the Chinese group CIMC, and more recently started to place orders to Chinese shipyards for some of its containerships.

Over the second semester this year, the CMA CGM Group will take delivery from Chinese shipyards of three 18,000 TEUs vessels. Those will be the Group's largest vessels and the largest to have ever been built by Chinese shipyards. They will be named after great explorers – including the CMA CGM Zheng He, named after China's most famous explorer.

The China Merchants (CMHI) and CMA CGM will sign a strategic partnership to investigate and evaluate, as their priority, the investment opportunities to develop the strategic "One Belt, One Road" project - a high profile strategy initiated by the Chine government to develop many infrastructure and ports-related logistics projects.

Initiated by the Chinese Government and its President, it aims to: create a land axis between China and Europe via Russia; and create a 21st century silk road that will link South East Asia to Oceania, East Africa, North Africa and Europe by the sea, in order to secure imports and exports to and from China.


In a separate announcement, CMA CGM reminds customers that as of July 1st, 2016, the Safety of Life at Sea Convention (SOLAS) requirements regarding the verification of the gross mass of packed containers will be applicable.

A packed container will not be allowed to be loaded on board vessels to which the SOLAS Convention applies unless the Verified Gross Mass (VGM) of the container has been provided to the ship's master or his representative and to the terminal or its representative sufficiently in advance to allow for the edition of the loading plan.

The responsibility for obtaining and documenting the Verified Gross Mass of a packed container lies with the shipper.

The Verified Gross Mass means the total gross mass of a packed container as obtained by one of the two methods:

#1 – Using calibrated and certified equipment, the shipper (or a third party duly appointed by him) weighs the packed container at the end of the stuffing operation once the seal is affixed.

#2 - The shipper (or a third party, by arrangement with the shipper) weighs all packages, cargo items, pallets, dunnage and other packing and securing material and adds the tare mass of the container. The total sum finally obtained is the weight to be provided. This method is subject to certification and approval by the competent authority of the State in which the packing and sealing of the container was completed.

If the Verified Gross Mass is not provided, the container will not be loaded onto the ship.

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